Mumbai, May 18 Alternative investment fund, IIFL Special Opportunities Fund, today said it has acquired a minority stake in Bikaji Foods International for Rs 251 crore.
The investment also marks part exit of existing investors Lighthouse Funds and Intensive Softshare from Bikaji Foods, the company said in a press release.
"We, at Bikaji, welcome IIFL AMC Fund to join us in the exciting journey of tapping into the huge potential offered by the Indian packaged food industry," Bikaji's managing director and founder Shivratan Agarwal said.
IIFL Asset Management Company's CEO Prashasta Seth said, "Organised snacks market is expected to clock a 15 per cent CAGR whereas organised namkeen market is set to witness 19 per cent CAGR in the country. Bikaji, with its strong leadership, well diversified product portfolio, strong brand and growing pan-India presence, is strongly positioned to capture this growth."
IIFL Special Opportunities Fund was launched in 2017 and has invested in companies including Reliance Nippon AMC, ICICI Lombard, National Stock Exchange and NSDL e-Governance among others. In FY18, Bikaji Food's revenue stood at Rs 800 crore.
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